MONTREAL — Gildan Activewear Inc. reported its fourth-quarter profit fell compared with a year earlier as the company also saw sales fall and it recorded a charge related to a shift in strategy.

However, the clothing maker raised its quarterly dividend 15.4 cents from its previous rate of 13.4 cents.

Gildan, which keeps its books in U.S. dollars, says it earned US$32.5 million or 16 cents per diluted share for the quarter ended Dec. 29 compared with a profit of US$59.6 million or 29 cents per diluted share a year earlier.

Net sales for the quarter totalled US$658.7 million, down from $742.7 million.

On an adjusted basis, Gildan says it earned 41 cents per share in its latest quarter, down from an adjusted profit of 43 cents per share a year earlier.

In its outlook, Gildan says it expects to earn US$1.70 to US$1.80 per diluted share in 2020 and adjusted diluted earnings per share in the range of US$1.85 to US$1.95 on projected sales growth for the year of 2 to 4%.

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